People cost dollars; systems cost pennies! Whether a business has one person or an entire dept devoted to follow-up on accounts receivable activities, adding a systematic process of follow-up letters and phone calls is bringing in improved results at a significantly reduced cost to operations. This holds true for medical practices, nursing homes, ambulance services, hospital services, medical supply companies, and more.

 

Of course, the first line of defense is to capture patient’s financial responsibilities during the intake process. Unfortunately, there are countless situations that arise that result in billing and collections.

 

In today’s environment of working with a leaner staff coupled with the occasional person who calls in sick, tasks related to collections are frequently compromised. It is not uncommon to find when there is a shortage of staff an employee from another area is pulled to cover in-take activities – usually this is the person from the back who works billing and collections. Sound familiar?

 

Because insurance claims are typically larger than patient balances (usually the result of unmet deductibles or uncollected co-pays), the small balances are worked last. This is understandable. However, small balances are easier to collect the sooner they are worked. In fact, once a patient account reaches 90 days old, it begins to depreciate at a rate of a half percent a day. That’s 3.5% a week and the statistics seem to ignore weekends and holidays.

 

The banking industry has made significant investments in technology to systematically ensure that accounts are contacted rapidly and consistently. The message is clear – you need to pay your outstanding obligation. Why not the same for the medical industry?

 

For a winning solution which is sponsored by the AMA (American Medical Association), check this out: Instead of continuing to contact patients monthly and/or adding staff to make (the dreaded and time-consuming) reminder phone calls, outsource the process after the initial 30 days for a flat rate fee of as low as $5.00 per problem account. Thousands of businesses have moved to this system and are enjoying faster cash flow, reduced internal collection costs, and fewer of their patients are going to collections. What system is this? GreenFlag Accelerator. Our investment in technology allows you to consistently and systematically remind your patients to pay their outstanding bill directly to you. The reminders are made in your name, and with technology the outbound calls are from your phone number without tying up your lines. This will make sure you get paid faster and improve your cash flow.